Trustless is great !?

One of our key values is trust. We highly value this as it is the basis for a good and mutually beneficial partnership. At least, this is how we see it. 

We strongly believe that the best sales people are actually “trusted advisors”. At INGAGE, our job is to train professionals in the insurance industry thanks to online courses, blended learning, virtual worlds, etc.

It’s fair to say, that that insurance industry has not always had a great reputation concerning trust, although I would argue that it has done some real improvements in the past years. 

Now, when my friend Alex introduced me to the concept of “trustless” and insisted that it was very important, I was initially a bit puzzled. He actually talked about it as if it were good!

“Why would the lack of trust be good?”, I thought. 


Dan Seitz‘ article might give you a bit of light there: 

You might not often think about the system that underlies how you spend money. If you do think about it, in every transaction, there is a middleman you trust. You swipe a card, and the card processor handles the transaction, protecting both you and the merchant against fraud. You write a check, and the bank ensures you have the funds and that the other party is paid. Even paying with cash, you are using a currency monitored by a central bank, and if the cash is counterfeit, that fact will become known.

Altcoin transactions are different. You do not have to trust a third party to verify and complete your altcoin transaction. In this sense, altcoin transactions are “trustless.”

This does not mean that you should be suspicious of an altcoin transaction. In fact, the contrary is true. Why?

Let’s back up for a moment and look at the blockchain. At root, all a blockchain does is serve as a giant, public ledger. When an altcoin is mined, used as currency, or otherwise exchanged, the transaction goes on the blockchain. In order for anybody to buy and sell altcoins, their blockchains must align exactly. In other words, everybody is keeping everyone else’s books, with no central bookkeeper involved.

This is part of the system people tend to misunderstand, but it is important. Thanks to the blockchain, every altcoin transaction is recorded in a distributed ledger, meaning that it is available across multiple computers and anyone with access can see every transaction that has been recorded, all without the intervention or help of a trusted third party. You have the ledger right there in front of you, and that lets you buy and sell altcoins directly without worrying about the coins being fake. Thus, the world of altcoins is trustless, in that no middleman need be involved. You are, in effect, your own banker.


Thus, as you have understood, the fact that there is a third party that you must trust, can be an issue. The breakthrough with the blockchain is that it’s a process that ensures reliability, not a third party. 



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Next-gen learning platforms will need to support NFTs to stay relevant

A few years ago, my friend Alex introduced me to the blockchain and crypto world. Though it initially took me some time to understand its potential, once I finally did it opened up a whole new world. The concept that really helped me understand what this technology was all about was this notion of “the Internet of Value”- an open network with unstoppable apps that could hold actual value in the form of tokens. 

I was convinced there was a use case that could improve traditional online learning. The last time I had had that feeling was when I first discovered what was called then the “network of networks” (the Internet). I was doing one of my first traineeships, in an insurance company in Norway. At that time there were less around 2,000 websites – in the whole world. I was so excited about it that I proposed to my then-boss to create a website to help clients find the right insurance products for them. “A website? What is it?” she answered. However, she was brilliant and open-minded and gave me the go-ahead to try it out. This was quite probably the first website of an insurance company in Norway, maybe Scandinavia. I’m still waiting for that company’s confirmation… ? (read the story

And then about a year ago when we first started mentioning “NFTs”, most people had no idea what we were talking about. It took us far too long to explain new terms such as fungible tokens, gas fees, crypto wallet, DeFi and much more.  

Fast forward 12 months and NFT (non-fungible tokens) are close to becoming a household term.  Clients are now expressing genuine interest about the role of blockchain-powered solutions in our learning products. Many tell us that we are the first to show them real tokenised solutions in learning and want to find out more.  

These leading insurers are courted by the most prominent training companies in the world. And yet they repeatedly single us out for being the most innovative.  

At INGAGE, our team is busy creating the next generation learning platform. Our R&D team is currently working on integrating a blockchain based incentive system directly into our course modules. Users will soon be able to earn both NFTs and fungible tokens as part of their learning journey. Stay tuned for more details on our upcoming releases! 

The following article does a nice job explaining the generational divide between modern and legacy platforms:

How NFTs are creating a generational divide between platforms  

Extract: “Today, let’s talk about a fault line that’s beginning to open up in the gaming world, one I suspect will soon be coming to most platforms and app stores. It’s a divide that begins with a simple question: will your platform allow NFTs? Crypto payments? You know … blockchain stuff? 

Like it or not, the rise of non-fungible tokens as an engine for fun and profit has been one of the tech world’s big stories in 2021. Using the blockchain to create unique digital objects with verifiable, transferrable ownership has opened up new possibilities in art, digital trading cards, and gaming. At least for the moment, it seems likely that other forms of media will follow.” 

Source: Steam banned blockchain games; Epic Games welcomed them By Casey (Oct 20, 2021, 6:00am EDT) 

Read more… 


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A visual demo of blockchain

Have you heard a lot about blockchain, but still wonder how it works?

In this video, Anders Brownworth shows what a blockchain looks like, how “hashing” enables security and, in short, how it actually works. This is a video that you will quite probably find highly interesting if you are new to the topic!


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Blockchain in the insurance sector


“22% of insurance, asset and wealth management business is at risk to disruption from FinTechs according to our Global FinTech survey. Almost three quarters of insurance leader surveyed in the survey considered that insurance would be the most disrupted industry. Meanwhile, complex processes with multiple interactions, duplication of data entry and risk of fraud slows down traditional players’ ability to react.” PwC


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